intra-European and transatlantic cooperative efforts, for example enhancing terror-related intelligence-sharing operations through Europol, internally and with partner nations. When improvements can be demonstrated, they should be publicized. Back in the waning years of the Cold War, the so-called “Euro-group” served as a publicist in the United States for European defense efforts. Perhaps the European allies should revitalize the concept. The Europeans speaking in this way directly to American politicians, opinion leaders and, importantly, taxpayers, could provide a
,” comprising non-resident deposits and loans.’ 76
Six years later, German Finance Minister Wolfgang Schäuble would declare: ‘The banking sector in Cyprus simply has no future in its current form. Everyone in the Eurogroup agreed on this.’ Jeroen Dijsselbloem, the head of Ecofin, chimed in, declaring that Cypriot banks ‘have to be downsized and rebuilt on a healthy and sustainable business model’. 77 Yet Cyprus was hustled into the eurozone when it was already clear that its economic profile stood in the way of economic convergence in the eurozone and when it ought to have
Consulted 11 September 2013.
44 Lapavitsas et al., Crisis in Eurozone, p. 2.
45 Hayek quoted in Andrew Farrant, Edward McPhail and Sebastian Berger,
‘Preventing the “abuses” of democracy: Hayek, the “military usurper” and
transitional dictatorship in Chile?’, American Journal of Economics and
Sociology, Vol. 71, No. 3, 2012, p. 517.
46 They include the head of the IMF and the former French Finance Minister,
Christian Lagarde; the President of the European Commission, José Manuel
Barroso; the former chairman of the Eurogroup, Jean